The Central Bureau of Investigation (CBI) has registered a criminal case against Essel Group Chairman Subhash Chandra and three others over alleged financial fraud involving more than Rs 1,322 crore owed to LIC Housing Finance Ltd (LICHFL). The case follows a complaint filed by LICHFL, which has accused Chandra, Pankaj Suroliya, Amish Pandya and Rajeev Dholakia of allegedly cheating the housing finance company and conspiring to secure credit facilities on the basis of disputed financial disclosures.
\n\nAccording to the complaint, Chandra submitted a net worth certificate in 2018 declaring his net worth at Rs 59,113 crore. LICHFL has alleged that the certificate was used to obtain loan facilities for M/s Vasant Sagar Properties Pvt Ltd and other companies linked to him.
\n\nRelying on the financial certificate, LICHFL subsequently extended credit facilities to three companies associated with Chandra, the complaint stated.
\n\nThe housing finance company has now raised objections over Chandra's statements made during subsequent insolvency proceedings, particularly his denial that he had ever possessed a net worth of Rs 50,000 crore, as reflected in the certificates submitted to LICHFL.
\n\nLICHFL has alleged cheating, criminal breach of trust and conspiracy in its complaint to the investigating agency.
\n\nThe complaint given to…
Original source: https://www.timesnownews.com/business-economy
